A credit card machine vs POS (point-of-sale) system is often used interchangeably as they have the similar core function of processing debit and credit card payments. However, they do have their differences! Take, for instance, a payphone and a smartphone. They both have the same key function of calling others, but a smartphone has way more functionalities that add more richness and value to our lives through the higher number of applications offered. It is similar in this case! Although the credit card machine and POS system are similar in accepting payments, the POS system has extra features that can transform the way your business works, improve efficiency and value your customers.
What is a Credit Card Machine?
A credit card machine has a singular function: Accept and process credit and debit card payments. The machine reads encrypted information in customers’ credit or debit cards and sends them for further processing. However, the more advanced credit card machines offer other functions such as entering discount codes. Then again, credit card machines are not the same and come in different variations with different functions. Some examples are the traditional countertop EMB credit card machines or smaller machines such as mobile and wireless credit card machines or virtual terminals. For instance, virtual terminals allow you to accept payments online or over the phone and do not require a physical reader.
What is the POS System?
Similarly, a point-of-sale (POS) system allows businesses to accept and process credit and card payments. However, it is a step higher than a credit card machine. It has more advanced features to optimize your business’ organization and profitability and can boost your business direction and system. Generally, there are four types of POS systems - terminal POS, tablet POS, and mobile POS systems.
Some additional functions a POS system would offer include inventory management, customer appreciation, and staff management. For instance, inventory can be tracked on the go, allowing you to prioritize which products to stock up on and ensure your customers’ favorite products are never off the shelves. This can increase your customer satisfaction and at the same time, improve your business’ organization and drive sales. Staff management, such as scheduling or goal-setting, is also extremely critical to promoting productivity for your business. Such features are present to maximize your return on investment and bring your business to its greatest potential. On top of that, POS systems can potentially provide a greater level of convenience to your customers. A myriad of payment options is given to provide them with a seamless experience. This list is not exhaustive - find out more about the benefits POS systems can offer, especially if it is a fully-integrated payment gateway!
Look to Millennium Payment Systems for your POS system
Like credit card machines, POS systems are not the same. You have to carefully choose your POS system to fit your needs. Fundamentally, it must be reliable, secure, flexible, and confer a smooth payment process and management for your customer and you respectively. Millennium Payment Systems checks all the boxes.